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Tuesday, 9 October 2012

Group Calls for Speedy Passage of PIB

The Campaign for
Growth in the Nigerian Oil and Gas Industry (CGNOGI) has called on the National
Assembly to speedily debate and pass the 2012 Petroleum Industry Bill (PIB)
into law.

The CGNOGI said a
speedy passage of the bill will help place the Nigerian oil and gas industry on
a modern pedestal and replace the existing laws which do not adequately reflect
global realities. Besides this, the bill will open a new chapter of development
in the nation’s oil and gas industry as it aspires to increase indigenous
participation, address underdevelopment of oil bearing communities and
safeguard the environment against pollution.

According to Mallam
Abubakar Kalto, Executive Secretary of CGNOGI, the National Assembly is on the
edge of writing its name in gold by passing the most significant legislation
governing the oil and gas industry. ‘The National Assembly is on the threshold
of making history by approving this all-important legislation which has taken
several years to draft. We cannot allow this opportunity slip through the
fingers again’.

The CNOGI boss called
on members of the national assembly to set aside their differences irrespective
of political affiliation and coalesce effort to pass the bill. ‘We wish to call
on our legislators to rally together no matter their political party or
ideological persuasion to accelerate deliberation on this bill. They must not
allow differences with the Executive arm of government come into play in making
the decision about this bill because the interest of Nigeria supersedes any
other consideration’, he stated.

Kalto said that
contrary to claim by some people that western countries are opposed to the
bill, the 2012 PIB enjoys support of the international community. He cited
recent comment by Mr. Vincent Cable, Business Secretary of the United Kingdom
pledging support for the bill as proof. ‘The international community has
pledged support for the PIB. Mr. Vincent Cable’s call for the passage of the
PIB which places the interest of Nigerians above any other consideration lends
credence to the comprehensiveness of this bill and highlights the need for the
National Assembly to treat it with urgency’, he said.

The CNGOGI boss said the
2012 PIB reflects the wishes of Nigerians for a reformed and vibrant oil and
gas industry which would guarantee economic growth and prosperity. He added
that the bill would place Nigeria on path to achieving the target of 40 billion
barrels of reserve within the next decade.

Speaking on the
impact of the delay in passing the bill, Mallam Kalto lamented that it has
created investment uncertainties as potential investors have kept a safe
distance while existing players have withheld plans of increasing their
investment until the outcome of the bill is determined.

On the concerns of
the international oil companies regarding fiscal terms as contained in the PIB,
Kalto allayed their fears and said the IOCs should rather embrace the bill as
it contains favourable fiscal terms which should serve as incentive for
increasing their investment in the industry.

‘We note with sadness
the opposition of the IOCs to the current draft of the 2012 PIB which President
Goodluck Jonathan sent to the National Assembly. While their concerns are
understandable, the fiscal provisions contained in the 2012 PIB remain
favourable to them more than other existing legislation governing the oil and
gas industry’, he stated.

Kalto called on the media to
remain unfazed in their support for passage of the bill. According to him ‘the
Nigerian media has done a lot towards shaping public discourse around the bill.
We call on them not to rest on their oars as there’s still more work to be
done. The media should do more to ensure that our legislators understand the
need to speed up action on this bill’.

He charged Nigerians to put
pressure on their representatives at the National Assembly to expedite action
on the bill. ‘We call on Nigerians to keep drumming on the doors of their
representatives at the National Assembly. Nigerians should ceaselessly petition
them until they do the right thing. We cannot mortgage the interest of this
country on the altar of ethnic and parochial considerations’, he said.